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KKR unit breaches $1 NYSE stock norm

KKR Financial, the New York Stock Exchange-listed debt unit of KKR, was on Tuesday informed that it had dropped below the required standard that shares in a listed company have a minimum average closing price of $1 over 30 consecutive trading days.

The company will have to bring its average share price back above $1 in six months’ time. KKR Financial “plans to notify the NYSE that it will seek to cure the listing requirement deficiency”, the company said.

Apart from placing a new asset management unit with fresh leadership, KKR is planning to raise the assets under management at the unit to more than $100bn (€71bn) from under $15bn today.